On December 1st, 2020, Nasdaq filed a proposal with the Securities and Exchange Commission to adopt additional listing rules requiring enhanced board diversity and disclosure of firm diversity efforts.  The new listing rules require Nasdaq-listed companies to have on their board of directors, at least two diverse directors, including one who self-identifies as female and one who self-identifies as an underrepresented minority or LGBTQ+.  If the firm does not meet this listing requirement, it must explain why they do not have at least two diverse directors sitting on their board.  Additionally, the new listing rules require Nasdaq-listed companies to publicly disclose consistent, transparent diversity statistics regarding its board of directors.  Nasdaq defines underrepresented minorities to include Black or African America, Hispanic or Latinx, Asian, Native American or Alaska Native, Native Hawaiian or Pacific Islander, two or more races or ethnicities.  Smaller reporting companies and foreign companies have additional flexibility in satisfying these new listing requirements by seating at least two female directors.  These new listing rules require approval from the SEC.

NASDAQ's stated goal for requiring diversity among its listed companies board makeups is to provide the investing public with a "better understanding of the company's current board composition and enhance investor confidence that all listed companies are considering diversity in the context of selecting directors, either by including at least two diverse directors on their boards or explaining their rationale for not meeting that objective." To support this new listing requirement, Nasdaq pointed to over 24 studies that found a link between diverse board and more robust financial performance with better corporate governance.  Under this proposal, Nasdaq-listed companies are required to publicly disclose board-level diversity statistics within one year of the SEC's approval of the rule.

CNN reports that Nasdaq CEO Adena Friedman stated, "Nasdaq's purpose is to champion inclusive growth and prosperity to power stronger economies." Non compliance by Nasdaq-listed companies could lead to delisting.  

Nasdaq's move is part of a growing momentum to see that corporate board diversity is taken seriously across the United States.  California has for two years been requiring gender diversity on corporate boards and has recently begun requiring racial and ethnic diversity on California boards as well.  Goldman Sachs has recently announced that it will require any company that it assists in taking public must include at least one diverse board member. 

The Corporate Justice Blog has long advocated for board diversity as a priority for expanding human capital and realizing greater financial benefits for the firms and its shareholders. We argue that a commitment to diversifying the board, both in gender and racial diversity as well as worldview diversity enhances the performance of the corporations that so commit.  See here, here, here and here.

hat tip:  Deepali Lal, 3L, Arkansas at Little Rock William H. Bowen School of Law 

photo: courtesy of Wikimedia Commons

Stellantis, the automobile conglomerate that owns Jeep, formed recently from the merger of Fiat Chrysler and Peugeot, defended its use of the Cherokee name claiming "our vehicle names have been carefully chosen and nurtured over the years to honor and celebrate Native American people for their nobility, prowess and pride."  This argument echoes the same arguments used for decades by Daniel Snyder, the owner of the Washington Football Team (formerly the Redskins) and the owners of the Cleveland Indians (who have also recently agreed to change the team name after phasing out the offensive Chief Wahoo logo a few years ago).  For Stellantis, the Grand Cherokee is one of Jeep's most popular models selling more than 200,000 units in 2020.

Suzan Shown Harjo, long an activist fighting against cultural misappropriation and offensive use of American Indian imagery, is not buying the "honor" argument.  "Of course it's not an honor" states Harjo, "That’s the assumption that was made by so many people about our land, water, gold, silver, copper — name a mineral. Now it’s about our imagery, our names and our cultural icons . . . When does this thievery stop?"  

The Cherokee Nation describes itself as a sovereign tribal government. "Upon settling in Indian Territory (present-day Oklahoma) after the Indian Removal Act, the Cherokee people established a new government in what is now the city of Tahlequah, Oklahoma. A constitution was adopted on September 6, 1839, 68 years prior to Oklahoma’s statehood.  Today, the Cherokee Nation is the largest tribe in the United States with more than 380,000 tribal citizens worldwide. More than 141,000 Cherokee Nation citizens reside within the tribe’s reservation boundaries in northeastern Oklahoma. . . . The Cherokee Nation is committed to protecting our inherent sovereignty, preserving and promoting Cherokee culture, language and values, and improving the quality of life for the next seven generations of Cherokee Nation citizens."

Whether Jeep drops the moniker will likely depend on whether the same kind of financial pressure is brought against Jeep and Stellantis similar to what was brought to bear on Daniel Snyder and the Washington Football Team and corporate entities like Aunt Jemima, Land-O-Lakes and Uncle Ben's.  Each of these entities have been persuaded to change/drop racist depictions and monikers because of the economic pressure of threatened boycotts and sponsorship withdrawals, particularly in light of the 2020 summer of protests following the police killings of George Floyd and Breonna Taylor.

hat tip: Savannah Johnston, Arkansas Little Rock Bowen School of Law, 3L

images courtesy of Wikimedia Commons

 On March 11, 2024, Donald Trump claimed that cutting Social Security and Medicare could help him cut the national debt tremendously. (See video above). On March 22, 2024, the House GOP announced cuts including a plan to raise the retirement age. This was the second straight year that the House GOP proposed a budget with deep Social Security and Medicare cuts. Trump started promising cuts to Social Security and Medicare in his second term before some audiences as early as January of 2020.  At a Fox News Town Hall in March of 2020, again promised to cut Social Security and Medicare.

All of this talk of cuts forms the prelude to last Thursday's debate which included a question about cuts to Social Security and Medicare. Biden gave a straight-forward answer saying that no cuts are necessary if we raise the Social Security tax to the same level for all. Currently, those making high incomes pay much lower rates than those making low incomes. As President Biden explained at the debate:

Right now, everybody making under $170,000 pays 6 percent of their income, of their paycheck, every single time they get a paycheck, [But] millionaires pay 1 percent – 1 percent. So . . . I would not raise the cost of Social Security for anybody under $400,000. After that, I begin to make the wealthy begin to pay their fair share, by increasing from 1 percent beyond, to be able to guarantee the program for life.

That provides a sensible and efficient means of securing Social Security. And, Biden never varies from that position.

Trump on the other hand, takes different positions with different audiences and covers the full spectrum of options. According to NBC News:

An NBC News examination found that Trump's views have zigzagged over the years — from calling Social Security a “Ponzi scheme” in 2000 to endorsing then-Rep. Paul Ryan’s plans to restructure Medicare in 2012 to positioning himself as the protector of those programs in 2016 to taking aim at some retirement spending in his White House budgets (which never became law).

Essentially we know Trump is lying because of his radically divergent positions over time. In fact, in 2016 he promised to preserve Social Security and Medicare, and then in his budgets he proposed cuts.

 In recent months, Trump opened the way for Social Security and Medicare cuts and refuses to disclaim the GOP plan to cut those programs as, shown above. Which brings us to the his debate comments in response to a question about entitlement cuts. While Biden gave a simple and clear statement of how he intends to save Social Security and Medicare, Trump attacked Biden's honesty and switched the topic to immigration, Russia, Ukraine, a mysterious laptop, the VA, and luxury hotels. Trump was incoherent. Remarkably, he never addressed his recent comments about Social Security and Medicare cuts, nor the GOP plan to cut Social Security and Medicare. Trump provided no explanation of his prior budget proposals including Social Security and Medicare cuts.  As stated in the Washington Post: "Protecting Social Security . . . was also a major theme of Trump’s 2016 campaign. His avowed stance, however, is at odds with Trump’s own record as president: Each of his White House budget proposals included cuts to Social Security and Medicare programs."

Trump has staked out so many positions on Social Security that no matter what he says he lies. The only thing we know for sure about Trump and entitlements is that despite campaign promises to the contrary he included Social Security and Medicare cuts in each of his annual budget proposals as President. Given the GOP commitment to cutting Social Security and Medicare a vote for any GOP candidate is a vote to slash your Social Security and Medicare benefits by about 30 percent. If Trump gets elected the GOP will have a clear path to gutting Social Security and Medicare as he promised to do in a second term in 2020, and regardless of any lies or gibberish he feeds the voters today. 

 On September 17, 1787, upon exiting the final session of the Constitutional Convention in Philadelphia, Benjamin Franklin told a bystander that the Founders had established “A republic, if you can keep it.” In my youth this statement made little sense because I assumed humans would always want democratic self-governance instead of dictatorship. Humans will always value freedom including self-governance over oppression.

Today, our Constitutional Republic faces grave dangers and unprecedented political challenges that prove Franklin’s point. The Constitution requires constant citizen vigilance to assure that as political winds blow from whatever direction our Constitution endures to assure the freedom and self-governance of successive generations of Americans. Citizens must certainly value the freedom of all over petty partisan advantage.

Today that certainty wavers, and I understand more than ever how dictatorships and autocracies take root and how republics and democracies fail. We now face an epic election on November 5. The presidential candidates run neck and neck. Our Constitutional Republic hangs in the balance. The manifest threats include:

1)    1.   One candidate openly called for the “termination” of the Constitution merely so that he could maintain his grip on power, legally or not.

2)    2.   That candidate previously gathered an angry mob, on January 6, 2021, and told them to “fight like hell” to stop the Constitutional certification of election 2020. That mob subsequently brutalized the Capitol Police and vandalized the Capitol all in an effort to overturn a Constitutional election at his behest. Today, he calls those convicted of criminal misconduct on January 6, “unbelievable patriots”, and he promises to pardon them all.

3)    3.    He openly ridicules and defames the integrity of our Constitutional elections and attacks American elections as “rigged” and “fraudulent” without any evidence. Over 60 courts of law rejected these lies, including rulings by judges he appointed. Today, he leads an effort undermine the certainty of our elections, and use violence and chaos to sow mistrust of democracy in America.

4)     4.   A jury he helped pick, from his native state, found him unanimously guilty beyond a reasonable doubt of 34 felony counts of illegally influencing election 2016 through hush money payments to a porn star to cover up an adulterous affair.

5)      5.  He insults our military heroes willing to die for our Constitution and the hard-won freedoms it secures, calling them “losers” and “suckers” according to, among others, his own handpicked and longest serving Chief of Staff, General John Kelly.

6)     6.   He courts the favor and affection of brutal dictators. He leaked classified intel to one and “fell in love” with another who now menaces virtually our entire nation with nuclear weapons.

7)    7.    He faces criminal charges that he mishandled classified documents, refused to return documents belonging to the United States and obstructed justice.

8)    8. He openly promises to be a dictator on Day One. This promise entails massive Constitutional violations.

9)     9.  He promises “bloody” violence if he should prevail and implement his unconstitutional proposal for “mass deportations” with no due process and massive violations of human rights.

10  10.  Even today, he refuses to commit to the peaceful transition of power. He persistently refuses to ever concede defeat.

No President nor candidate for the White House ever committed any single one of these offenses against the Constitution. Each offense renders a person unfit for the Presidency.

Combined, these offenses make Donald Trump incapable of credibly taking and adhering to his oath of office to defend the Constitution. This inability to take the oath of office usually plays no role in an election. Today it assumes the utmost importance. Trump attacks our Constitution and seeks unbridled power. Donald Trump’s extreme embrace of fascism complete with Big Lies, scapegoating and hatred renders him the most unfit candidate in history. 

The popular new sport FootGolf borrows from two of Australia’s favourite games to create an entirely new challenge.

Four current and former St Joseph’s College students will be heading to The Netherlands later this year to represent Australia at the World Junior Rowing Championships

The local list of the polling places in the Federal seat of Werriwa. Voting opens at 8am on Saturday.

The list of the polling places in the Federal seat of Hume. Voting opens at 8am on Saturday.

A DOG has been evacuated from the backyard of a western Sydney home that went up in flames this morning.

Find out where to vote on election day in the seats of Banks, Barton, Watson and Blaxland. There are also a couple of election day stalls, where you can buy a snag or two

JODIE Pearson agrees “petite” is a fair description of her 58kg, 170cm frame. So why would she risk a battering in the brutal sport of American football?

HE jumped off a building on the end of a sling, clambered up a 10m-high zip line in high winds, pounded up and down sand dunes, capsized in a canoe — NRL Rookie David Andjelic loved it.

A simple framework for hosting bots on the Fediverse

Effortlessly convert Spotify links to your preferred streaming service

President-elect Donald Trump has promised to deport millions of undocumented immigrants. He’s vowed to jail his political foes and journalists. A Republican-controlled government could further restrict abortion and transgender rights. via Pocket

sjdonado/idonthavespotify: Effortlessly convert Spotify links to your preferred streaming service https://ift.tt/dH4YICR music, streaming, spotify, tools

Move on and get over it, the Powerhouse Museum is coming to Parramatta

Audience members were shocked to see former prime ministers and adversaries Kevin Rudd and Tony Abbott go toe-to-toe at the Parramatta Federal Election forum last night.

She was chasing a bunch of other rich boys too. Willys friends called her The Mattress I think the options dried up for both so they both had to settle for each other

La Audiencia de Barcelona condenó al activista Marcel Vivet a cinco años de cárcel por golpear a un policía y el TSJC rebajó la pena a un año y medio La Audiencia de Barcelona ha rechazado amnistiar al independentista Marcel Vivet, con una condena ya extinguida por golpear a un mosso d’esqu via Pocket

Publicat ahir arreu del món, l’informe investiga en quina mesura l’alumnat de segon curs de secundària de 34 països (22 dels quals de la UE) està preparat per a "estudiar, treballar i viure en un món digital". via Pocket

Las emisiones mundiales de dióxido de carbono (CO2) debidas a la energía fósil, el principal factor de calentamiento de la Tierra, siguen sin tocar techo. via Pocket

La Coordinadora Vecinal del Baix Besòs ha emitido un comunicado para apremiar a las administraciones públicas a aportar una solución definitiva al barraquismo con presencia en los márgenes del río Besòs desde hace años. via Pocket

I don't care about the Royal Family, but the Kate Middleton (Princess of Wale) story is wild: - In high school, she and her sister (Pippa) were called the "Wisteria Sisters" for being shameless social climbers.   - She got into a relatively prestigious college (Edinburgh) and then switched to a less prestigious school (St. Andrews) after it was announced that Prince William would be attending. - She delayed starting by a year to be in the same class as William, and then changed her major to Art History to match his.  - She dumped her boyfriend after being told that Prince William said she was "hot." - Her mom gave William an ultimatum that he needed to propose, which Kate then helped plan.  Mission accomplished.

Senate Republicans are set to gather behind closed doors on Wednesday to select a new party leader after securing the majority—and as Sen. Mitch McConnell (R-KY) serves his final days as Senate minority leader.

The post Exclusive — Sen. Ron Johnson Hopes for Delay of Senate Leadership Vote, Calls McConnell Push ‘Grotesque’ appeared first on Breitbart.

We need a Majority Leader who understands the needs of the American people and has a proven track record of fighting for them.

The post Exclusive—Rep. Scott Perry: Senator Rick Scott Is a Majority Leader for the American People appeared first on Breitbart.

Americans gave Republicans a mandate to "enact President Trump's agenda," Sen. Rick Scott (R-FL) said on Tuesday as he vies for the Senate leadership position.

The post Senate Majority Leader Contender Rick Scott: America Gave Us a Mandate to ‘Enact President Trump’s Agenda’ appeared first on Breitbart.

A Mississippi State Trooper dished out some punishment Saturday as he escorted Ole Miss coach Lane Kiffin off the field.

The post WATCH: Mississippi State Trooper Brutally Punches Fan Who Got Too Close to Lane Kiffin appeared first on Breitbart.

Rob Grabowski and Tom Antonson caught Metallica, Pantera and Mammoth WVH In The Act during the Chicago stop of the M72 Tour at Soldiers Field on August 9th. Check out Rob's photos and Tom's review!

Watching the Avett Brothers in concert is a liberating voyage of the soul. Some moments are tender, others winking and at times it often feels like a Sunday morning revival.

Shavo Odadjian currently has some time away from his regular job of laying down monster bass riffs for the multi-platinum selling rock band System of a Down

I want candy! If you're a big fan of sweet treats (or have children who are) and like to let your imagination run wild then you'll need to tweak the "I want candy" notion a little bit to "I Want Candytopia!"

Something Corporate played to a sold out crowd at the Concord Music Hall in Chicago on September 21st. The show was part of the Riot Fest after shows

To quote Riot Fest, "Don't cry because it's over, cry because it happened. See you next year!"

We've sung the praises of Cleopatra Records and their spinoff label Purple Pyramid in this column a couple of times before and they just keep on releasing some of the tastiest music that comes across our desk

We listen to new roots music from 3 Pairs of Boots, Teni Rane, Mystic Twangers and an awesome various artists tribute to Bob Seger, "Silver Bullet Bluegrass."

The acoustics in the intimate music theater at The Musical Instrument Museum (MIM) in Phoenix makes it a favorite venue for touring musicians and their fans and as always the theater has an eclectic bunch of shows coming up

Here are our suggestions for a couple of things to do during the spooky Halloween season in the Phoenix metropolitan area: Candytopia and Glowing Pumpkins.

“The submission was carefully evaluated by the National Parks Commission, whose primary role is to advise on the long-term conservation and management of our parks system,” stated Minister of Public Works Lt/Col David Burch. A Government spokesperson said, “The Minister has officially approved the “Pink Sand Scrambling” motocross event at Coney Island, St. George’s, on […]

Malachi Scott and his Brock men’s basketball teammates returned to their winning ways with a decisive 78 – 66 victory over Waterloo at the Bob Davis Gymnasium. This win marks Brock’s second victory of the Ontario University Athletics [OUA] season. Scott contributed valuable minutes off the bench, playing 11 minutes and recording four points, four […]